There were three venture capital who signed earlier this year, a confidentiality agreement with the government to access information about TAP and decide whether to proceed with a bid for the national airline. In addition to the US Apollo and British Greybull, the third company that is part of this lot of stakeholders is Cerberus, which is also based in the United States.
And the PUBLIC found, this venture capital, which along with the Apollo is also in the race to the New Bank, completes the three investor group with a more financial profile that showed interest in the sale of the air carrier. However, only the May 15, deadline for submission of acquisition proposals, you can know if indeed advance.
Unlike Greybull, which controls the air carrier low cost Monarch after acquiring 90% of the company’s capital in October 2014, Apollo’s investments are not known, nor Cerberus in the aviation industry. The latter venture capital came to have in its portfolio a group of lease aircraft, AerCap, but sold the shares he owned two years ago.
In addition to these three companies four other investors signed the confidentiality agreement with the Government: German Efromovich, owner of the South American group Avianca, David Neelman, Brazilian shareholder Blue, also a Brazilian Gol airline and the Portuguese entrepreneur Miguel Pais do Amaral, a consortium which includes the American millionaire Frank Lorenzo and the national group logistics Barraqueiro.
Within a week, the deadline to realize an offer for TAP, a time which remains of great uncertainty about the outcome of the second trial of the company’s privatization. In 2012 the Government had to suspend the sale of the air carrier, following the single candidate of the offer rejection, German Efromovich.
One of the variables that the executive wanted to ensure from the beginning is that this round would be more competitive, which seems assured given the number of candidates who signed the confidentiality agreement. However, not only are there doubts about whether put forward a proposal, as it is uncertain whether the offer will fill the requirements in terms of strategic project designed for TAP, at a time when it is crucial to strengthen the financial structure of the group.
On Thursday, Secretary of State for Transport assured that the Government would pursue the sale of the company “with determination”, despite opposition criticism. Sergio Monteiro reacted well to the statements made by the general secretary of the PS, who in an interview with TVI assured that his party will do everything to “avoid losing control” of the company. A goal that coming up in the chosen privatization model, which provides for the sale in the first phase, 66% of the capital, although the intention is that the state fully exit the TAP in the medium term.
The timing of this privatization also is not ideal because of the instability that has taken place in the company, due to the trial of strength with the pilots. Not only the ten-day strike called by the union, and ending Sunday, threatening to cause losses of 35 million euros, but also looms the threat of a walkout.
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